The successful growth of Droom has become one of India’s greatest start-up stories, and it has now officially been named as the biggest online car portal site in India, both regarding its income and the number of users and traffic visiting the platform itself.
On the way to achieving the Unicorn Status
The story doesn’t end there, however, as the CEO and founder of Droom – Sandeep Aggarwal has huge plans to take the company to unicorn status, which means a startup firm worth 1 billion dollars – at the end of this financial year. He is already well on the way to achieving his ambition.
Currently, Droom is reaching around $400 million per year and is already achieving a traffic level of 15 million per month to its website. This online car buying and selling platform is also home to well over 105,000 car dealers, and it is on track to grow rapidly. The company is set to end March 2018 at $1.2 billion.
To add to its business accolades, Droom is the fifth biggest E-commerce company in India, and while the general E-commerce market in India is growing around 20 percent each year, Droom’s growth is at a staggering 350 percent every year.
The Secret of its Success
So how did the company achieve such tremendous success so quickly? The company has always had a strong customer service ethic, regularly adding in numerous features and additions to the platform which have made it incredibly popular with all of its users and led to this extraordinary growth.
Droom has also kept up-to-date with all the latest technology to ensure its online car portal works super efficiently and meets all of the expectations for both buyers and sellers using it.
Customer Confidence is Key
The sellers are big fans of the unique pricing algorithm utilised by the site which ensures that all vehicles are priced appropriately and justly. The Orange Book Value (OBV) as they call it, is unique to Droom and provides a fair market value for all the vehicles listed.
This policy has led to a real sense of trust among the users of this online car site and this confidence, in turn, has created a reflected belief among investors, with the company already receiving $45 million in the past two years, and plans for $50 million more on the cards.
What’s New and on offer for customers at this online car portal?
More recently, the company added in another unique service which will no doubt please those looking to buy their vehicles from the online car trade site as it makes the whole purchase process seamless on the portal.
Droom Credit is their brand new credit platform, which enables buyers to secure loans for their vehicle purchase on the site. It was launched very recently and is the first service of its kind in India – offering an entirely automatic vehicle credit marketplace.
With a loyal following of both buyers and sellers, an active investment base and a very ambitious CEO, the future of online car portal Droom looks bright, with unicorn status firmly in sight. Not bad for a company which was only started three years ago and has just 167 employees.
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